Explain how the accrual accounting concept provides guidance to accountants in preparing the income statement and calculating profits. In your answer, include a discussion of the role of adjusting entries in accrual accounting. To this end, you need to explain your answer using TWO examples based on your work in Part 1 .
Manual Assignment This assessment consists of 2 parts: Part 1. The business has the following opening balances: Additional Information: Cash At Bank $16,611 Bank loan interest rates (% per year) 8 Account Receivable $16,248 Motor vehicle useful life (years) 3 Motor Vehicle $30,316 Motor vehicle scrap value ($) 3,380 Account Payable $8,787 Insurance paid for […]